California State Teachers Retirement System Sells 634 Shares of ArcBest Co. (NASDAQ:ARCB)

California State Teachers Retirement System reduced its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,456 shares of the transportation company’s stock after selling 634 shares during the quarter. California State Teachers Retirement System owned 0.13% of ArcBest worth $2,815,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ARCB. Ameritas Advisory Services LLC bought a new stake in shares of ArcBest in the first quarter worth about $28,000. National Bank of Canada FI bought a new stake in shares of ArcBest in the first quarter worth about $55,000. Ancora Advisors LLC bought a new stake in shares of ArcBest in the first quarter worth about $56,000. Point72 Hong Kong Ltd bought a new stake in shares of ArcBest in the second quarter worth about $58,000. Finally, Federated Hermes Inc. grew its stake in shares of ArcBest by 31.9% in the first quarter. Federated Hermes Inc. now owns 1,021 shares of the transportation company’s stock worth $94,000 after purchasing an additional 247 shares during the last quarter. 89.89% of the stock is owned by institutional investors.

ArcBest Price Performance

ARCB stock opened at $103.82 on Friday. The firm has a 50 day moving average price of $103.47 and a 200-day moving average price of $96.08. ArcBest Co. has a 52-week low of $68.00 and a 52-week high of $122.86. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 10.97 and a beta of 1.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.35 and a current ratio of 1.35.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, July 28th. The transportation company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($0.50). ArcBest had a net margin of 4.95% and a return on equity of 20.06%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the business posted $4.30 earnings per share. ArcBest’s revenue for the quarter was down 16.5% on a year-over-year basis. Equities research analysts forecast that ArcBest Co. will post 6.51 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.46%. ArcBest’s payout ratio is currently 5.07%.

Insider Buying and Selling

In related news, CEO Judy R. Mcreynolds sold 15,443 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $110.09, for a total value of $1,700,119.87. Following the completion of the transaction, the chief executive officer now directly owns 56,534 shares in the company, valued at approximately $6,223,828.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Judy R. Mcreynolds sold 15,443 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $110.09, for a total value of $1,700,119.87. Following the completion of the transaction, the chief executive officer now directly owns 56,534 shares in the company, valued at approximately $6,223,828.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael E. Newcity sold 11,913 shares of ArcBest stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $117.51, for a total transaction of $1,399,896.63. Following the completion of the sale, the senior vice president now directly owns 24,767 shares of the company’s stock, valued at approximately $2,910,370.17. The disclosure for this sale can be found here. Insiders sold a total of 46,922 shares of company stock worth $5,227,501 in the last three months. Insiders own 1.65% of the company’s stock.

Wall Street Analyst Weigh In

ARCB has been the topic of several recent analyst reports. Jefferies Financial Group started coverage on ArcBest in a research note on Monday, June 12th. They issued a “buy” rating and a $110.00 target price on the stock. Wolfe Research upgraded shares of ArcBest from a “peer perform” rating to an “outperform” rating and set a $132.00 price objective for the company in a report on Monday, August 21st. Morgan Stanley raised their price objective on shares of ArcBest from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Monday, July 31st. Bank of America lowered shares of ArcBest from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $101.00 to $91.00 in a report on Monday, May 1st. Finally, Citigroup raised their price objective on shares of ArcBest from $118.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $123.33.

ArcBest Company Profile

ArcBest Corp. is a logistics company which provides end-to-end supply chain services with a focus on innovation. It operates through the following business segments: Asset-Based, ArcBest and FleetNet. The Asset-Based segment includes national, inter-regional, and regional transportation of general commodities through standard, expedited, and guaranteed less-than-truckload services.